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Jobless Claims Reach 9-Month High

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Posted on August 19 2010 10:01 am
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New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday’s report.

A Labor Department official said there was nothing unusual in the state level data. The data covered the survey week for the government’s closely watched employment report for August, scheduled for release early next month.

Read more at CNBC.com

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